RapNet


Rapaport News

 

Retail

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Chow Tai Fook China Expansion Spurs Growth

Gem-set jewelry sales rise in Hong Kong, but gold drives increase on the mainland.
Jan 10, 2018 4:35 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Chow Tai Fook reported a sharp rise in gem-set-jewelry sales in Hong Kong, while expansion in mainland China helped drive growth in its fiscal third quarter, as the local retail sector continued to improve.

Overal retail sales grew 12% in the mainland and were flat in Hong Kong, the company reported Tuesday. However, same-store sales at branches open for at least one year increase 5% in both regions. 

The company has accelerated its expansion program recently after exerting greater caution during the region’s downturn in 2015 and 2016. It opened a net 77 stores during the three months that ended December 31, of which 74 were in China and three in Hong Kong. 

Same-store sales for gem-set jewelry leapt 22% in Hong Kong and Macau in the quarter, while the measure for gold products there fell 1%. In mainland China, same-store sales of gem-set jewelry slipped 1%, but gold grew 8%. 

Last week, Hong Kong’s Census and Statistics Department noted an 8% increase in sales of jewelry, watches and other valuable items in November, as consumer sentiment improved.

Image: Wpcpey
Tags: asia, Census and Statistics Department, China, Chow Tai Fook, gem-set jewelry, gold, Hong Kong, Jewelry, macau, mainland china, Rapaport News, retail
Similar Articles
RichemontRichemont Acquires Italian Jeweler Buccellati
Oct 02, 2019
Swiss-based luxury retailer Richemont has bought high-endjeweler Buccellati from...
UBS Predicts Drop in Diamond-Jewelry Sales
WD Lab Grown Diamonds Hires New CEO
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us